SINGAPORE (Aug 30): OKH Global sank into the red in FY16, recording a net loss of $16.5 million, compared to a net profit of $46.2 million a year ago on lower sales from both its property development and construction businesses.
For the 12 months ended June, revenue fell 70% to $75.8 million. Revenue recognised from property development dipped by 70.7% to $64.26 million as the group’s property development project, Loyang Enterprise, achieved its TOP in January. But at the end of FY2016, the said project had only registered sales of only 42.2%.
Revenue recognised from the provision of construction services to third parties was down by 96.3% to $0.94 million. The drop in revenue was due to the completion of most of its construction contracts.